12-21-2007 2007 sees major growth in residential developments

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o�sou Tx F dx :J b W eFacE � � y� a 1, a2 1865 Office of the Mayor NEWS RELEASE December 21, 2007 10 a.m. 2007 sees major growth in residential developments Contact: Mikki Dobski, Director of Communications&Special Projects, 235-5855 or 876- 1564, or Bob Mathia,Assistant Director of Economic Development, 235-9371 The number of residential units receiving tax abatements grew more than sixfold in 2007 compared with the previous year, with nearly $41 million anticipated in improvements this year, compared with just $5.7 million in 2006. That's the result of a new report prepared by the City's Department of Community and Economic Development for the Dec. 21 meeting of the Redevelopment Commission. In 2007, a total of 286 units are being improved with support from residential tax abatements. That figure is up 653 percent when compared with the 38 residential units that received tax abatements in 2006. A 128-unit multi-family apartment complex and new construction of single family homes by developers in the Lafayette Falls and Keenan Court subdivisions accounted for most of the change. But additional residential construction also took place in the central part of the city, the West Washington neighborhood and the Northeast Neighborhood. In one of the year's most high-profile projects, Kendall-Weiss LLP, 828 E. Jefferson Blvd., is spending $1.17 million to build six new 1,800-square foot homes in vacant downtown-area property near Notre Dame Avenue and Wayne Street. The number of tax abatements requested for single-family homes being built by individuals remained at 8, the same number for both 2006 and 2007. "This new investment in South Bend will help us expand our residential base and spur on new growth in both population and economic development," said Mayor Stephen J. Luecke. "South Bend consistently ranks among the nation's most affordable cities for housing. The fact that this growth occurs at the same time as a nationwide housing slump